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He could have easily shunned the spotlight after leaving Merrill Lynch, but instead John Thain accepted the challenge of reviving the troubled CIT Group. By all measures he's succeeded, cementing his reputation as a fixer, but the job is hardly complete. Next up: transforming the commercial lender into a traditional regional bank through its closely watched acquisition of OneWest Bank.

The financial industry and the Federal Reserve are finally on the same page about the U.S. payment system's need for speed. But achieving consensus about what the new system should look like remains a tall order.

Small merchants in are in no hurry to install EMV card readers, contending that losses from counterfeit credit cards are minimal. That worries bankers, who fear that they could end up looking bad if a small business is victimized by fraud and is then left to absorb the loss.

Tangible book value was considered nearly sacred after the financial crisis. With the economy improving, investors are becoming more tolerant of acquirers diluting tangible book value for accretive deals.

KeyCorp has named Mark Danahy president of its mortgage operations. Danahy had been managing director of Citigroup's U.S. mortgage operation from July 2011 to May 2014 and, before that, was president and chief executive of PHH Mortgage.